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Don't Buy Your Retirement Home Without Me!: Avoid the Traps and Get the Best Deal When Buying a Home in a Retirement Community



Don't Buy Your Retirement Home Without Me!: Avoid the Traps and Get the Best Deal When Buying a Home in a Retirement Community

Richard Andrews

ISBN: 978-0-730-37770-2 April 2012 Wrightbooks 320 Pages


Invaluable advice for making a sensible purchase on a retirement home

Like most retirees, you've worked hard your whole life and now you're looking forward to starting a new chapter of your life in a retirement home community. However, purchasing a retirement home can be a daunting experience and the cost of making a bad decision can impact your entire family. That's where this helpful book comes in. Retirement-savvy author Richard Andrews offers straightforward advice on making wise financial and lifestyle decisions that could change your life for the better.

Covering everything from what to expect from your lawyer and accountant to negotiating with retirement home community operators, this guide dives into the basics of purchasing a home in a retirement home village, and adapting to your new lifestyle.

  • Walks you through complicated retirement village contracts and what they mean
  • Offers useful tips for choosing a retirement village that suits your needs
  • Includes suggestions for selling your current home, downsizing your possessions and adjusting to a new life
  • Looks at the perks of living in a retirement village community: great company, security, and homes that are designed for easy living
About the author ix

Introduction xi

Part I: The retirement living industry 1

1 The evolution of retirement living in Australia 3

2 What is a retirement village — in legislation and practice? 11

Part II: Assessing your options 21

3 Working out what you want 23

4 Choosing a location 31

5 Affordability 39

Part III: Doing your research 45

6 Retirement home research 47

7 Types of retirement accommodation 57

8 Retirement village operators 61

9 Retirement home purchase arrangements 67

10 Investing in the retirement living sector 77

Part IV: Analysing your research 83

11 Fees and charges 85

12 Analysis and evaluation 99

13 Capital growth 119

14 Buying off the plan 129

Part V: The purchase 135

15 Selling your home 137

16 Contract time! 145

17 Negotiating tips and key contract terms 153

Part VI: Living and leaving 169

18 The big move! 171

19 Assimilating into village life 177

20 Links and resources 195

21 The final word 209

Appendix A: Preference questionnaire 211

Appendix B: Individual village questionnaire 217

Appendix C: Research comparison worksheet 221

Appendix D: Moving house checklist 229

Appendix E: Change of address checklist 233

Glossary 235

Index 241